List of Top 10 Life Insurance Companies in India

Topics

Introduction

The Indian life insurance industry is showing resilience, growing at an excellent rate of 6.6% in 2022. It is expected to continue to grow at a rate of 7.1% in 2023. These heartening figures prove how popular life insurance has become! To choose a life insurance policy, look at companies with an excellent track record of claim settlements. A claim settlement ratio (CSR) is the ratio of the number of claims paid by the company to the total claims received. High CSR typically indicates dispute-free, speedy claim settlements. The company has a proven history of honouring its contracts.

Another crucial parameter is assets under management (AUM), which indicates the market value of all the financial assets the company manages. It is the sum of all the funds pooled by the company from you and every other investor. A good AUM is a sign of a robust business. We have hand-picked the top-performing insurance companies to help you make an informed choice:

Top 10 Life Insurance Companies in India

Top Life Insurance Company	Claim Settlement Ratio
Max Life Insurance Company	99.3%
HDFC Life Insurance Company	98.66%
TATA AIA Life Insurance Company	98.02%
Bajaj Allianz Life Insurance	98.48%
ICICI Prudential Life Insurance	97.8%
Pramerica Life Insurance	98.61%
Bharti AXA Life Insurance	99.05%
Aegon Life Insurance Company	99.25%
Life Insurance Corporation of India	98.62%
Reliance Nippon Life Insurance Company	98.4%

1. Max Life Insurance Company

Max Life is a trusted brand, insuring millions of Indians since 2000. Its plans include, term insurance plans, savings plans, Unit-Linked Insurance Plans (ULIP), child plans and NRI plans.
Features:

Provides coverage against 64 critical illnesses
AUM (as of 2022): ₹1,07,510 crores

2. HDFC Life Insurance Company

HDFC Life Insurance has grown to be one of the best life insurance companies in India. Its value-for-money offers make it a top choice.
Features:

Offers guaranteed income for 25-30 years
AUM (as of 2021-22): ₹2,04,170 crores

3. TATA AIA Life Insurance Company

AIA is one of the largest independent insurance groups globally. It operates in 18 markets around the Asia-Pacific region. If you are looking for an internationally-accepted life insurance policy, consider TATA AIA.
Features:

Claims paid in 2022: ₹3659 crores
AUM (2021-22): ₹62,894 crores

4. Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance won the India 2021 Insurer of the Year Award. Its Smart Protect objective is an affordable plan offering comprehensive life protection.
Features:

Claims paid in 2022: ₹12,127 crores
AUM (2021-22):₹85,623 crores

5. ICICI Prudential Life Insurance

The company provides cost-effective products. Moreover, it has a hassle-free claim settlement process and a 30-day return policy. You can ask for your money back if you are unsatisfied with its terms and conditions. It won the Life Insurance-Retirement & Pension Plans Category Product of the Year Award in 2021.
Features:

Claims Settlement Ratio: 97.9%
AUM (2021-22): ₹2,442.79 billion

6. Pramerica Life Insurance

The company has grown to be one of the most trusted life insurance companies in India. Its goal is to offer life insurance that is affordable, effective and efficient. People can expect plans for a variety of needs for financial security. In the last financial year, the company processed 100% of claims.
Features:

Claims settled: ₹9192 crores
AUM (2021-22): ₹6273 crores

7. Bharti AXA Life Insurance

Bharti AXA claims to provide flexible products, which means there will be fewer restrictions in insurance plans. It offers claim settlements within 1 day and has a 99.09% claim settlement ratio.
Features:

AUM (2022): ₹11,025 crores
Claims settled: 16,393 crores as of June 2022

8. Aegon Life Insurance

Its insurance policies are tailored to your needs to protect you from the increasing expenses following death. Because of its tireless work towards customers, it has won many awards and recognition. It settled 98.64% of the total money claim requests in 2020-21, which is very high as per the industry average.
Features:

Minimum annual premium: ₹2930

9. Life Insurance Corporation of India (LIC)

The LIC is the largest life insurance and investment corporation controlled by the government. It offers financial protection at a reasonable expense to all, especially the poor and the less fortunate. The minimum regular premium starts at ₹5,000 p.a. for the policy term. It has a claim settlement ratio of 98.6%.
Features:

Claims settlement amount (March 2021): ₹40,531.32 crores
AUM (March 2021): ₹1,63,389.50 crores

10. Reliance Nippon Life Insurance Company

With approximately 10 million policyholders, Reliance Nippon ranks as one of the largest non-bank-funded private life insurers. It offers a wide range of life insurance plans that can be customised to meet the customer’s needs. Moreover, it offers claim settlements within 10 days.
Features:

Claim settlement ratio: 98.7%
AUM (March 2022): ₹27,619 crores

Final Words

When deciding which life insurance is best in India, you can sit down with your family, discuss the terms and check whether you can afford to pay the premiums for the entire term. Go over every detail and select the insurance plan that best satisfies your requirements.

Frequently Asked Questions

Q1. What should I look for in a company before buying their insurance?

Before deciding which policy is best for you, you should do some research and compare them. You should choose a company based on its plans, benefits, claim settlement ratio, process, renewal policy, reputation, customer service, and terms and conditions.

Q2. What are the different types of policies available in life insurance?

Different life insurance companies provide various types of policies. Some standard policies include Term life insurance, Unit Linked Insurance Plans (ULIP), endowment plans, retirement plans, etc.